Making Materiality Judgements

Size: px
Start display at page:

Download "Making Materiality Judgements"

Transcription

1 September 2017 IFRS Practice Statement Basis for Conclusions Making Materiality Judgements Practice Statement 2

2 Making Materiality Judgements Practice Statement 2

3 IFRS Practice Statement 2 Making Materiality Judgements is published by the International Accounting Standards Board (Board). Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any translation thereof whether in contract, tort or otherwise to any person in respect of any claims or losses of any nature including direct, indirect, incidental or consequential loss, punitive damages, penalties or costs. Information contained in this publication does not constitute advice and should not be substituted for the services of an appropriately qualified professional. Copyright 2017 IFRS Foundation All rights reserved. Reproduction and use rights are strictly limited. Please contact the Foundation for further details at licences@ifrs.org. Copies of IASB publications may be obtained from the Foundation s Publications Department. Please address publication and copyright matters to publications@ifrs.org or visit our web shop at The Foundation has trade marks registered around the world (Marks) including IAS, IASB, the IASB logo, IFRIC IFRS, the IFRS logo, IFRS for SMEs, the IFRS for SMEs logo, the Hexagon Device, International Accounting Standards, International Financial Reporting Standards, NIIF and SIC. Further details of the Foundation s Marks are available from the Foundation on request. The Foundation is a not-for-profit corporation under the General Corporation Law of the State of Delaware, USA and operates in England and Wales as an overseas company (Company number: FC023235) with its principal office at 30 Cannon Street, London, EC4M 6XH.

4 IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS CONTENTS INTRODUCTION IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS OBJECTIVE SCOPE GENERAL CHARACTERISTICS OF MATERIALITY Definition of material Materiality judgements are pervasive Judgement from paragraph IN Primary users and their information needs 13 Decisions made by primary users 16 Meeting primary users information needs 21 Impact of publicly available information INTERACTION WITH LOCAL LAWS AND REGULATIONS MAKING MATERIALITY JUDGEMENTS Overview of the materiality process A four-step materiality process 33 Step 1 identify 35 Step 2 assess 40 Step 3 organise 56 Step 4 review SPECIFIC TOPICS Priorperiod information 66 Prior-period information not previously provided 70 Summarising prior-period information 71 Errors Cumulative errors Information about covenants Materiality judgements for interim reporting Interim reporting estimates APPLICATION DATE APPENDIX APPROVAL BY THE BOARD OF THE IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS ISSUED IN SEPTEMBER 2017 BASIS FOR CONCLUSIONS 3 IFRS Foundation

5 IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS Approval by the Board of the IFRS Practice Statement 2 Making Materiality Judgements issued in September 2017 The IFRS Practice Statement 2 Making Materiality Judgements was approved for issue by 12 of 12 members of the International Accounting Standards Board. 46 Hans Hoogervorst Suzanne Lloyd Chairman Vice-Chair Stephen Cooper Martin Edelmann Françoise Flores Amaro Luiz De Oliveira Gomes Gary Kabureck Takatsugu Ochi Darrel Scott Thomas Scott Chungwoo Suh Mary Tokar 46 Stephen Cooper was a member of the Board when the IFRS Practice Statement 2 Making Materiality Judgements was balloted. 45 IFRS Foundation

6 IFRS PRACTICE STATEMENT 2 SEPTEMBER 2017 Basis for Conclusions on the IFRS Practice Statement 2 Making Materiality Judgements This Basis for Conclusions accompanies, but is not part of, the IFRS Practice Statement 2 Making Materiality Judgements (Practice Statement). It summarises the considerations of the International Accounting Standards Board (Board) when developing the Practice Statement. Individual Board members gave greater weight to some factors than to others. Background BC1 BC2 BC3 BC4 The Board was informed at the Discussion Forum on Financial Reporting Disclosure in January 2013, through feedback on the 2014 Exposure Draft of proposed amendments to IAS 1 Presentation of Financial Statements and from other sources, that entities experience difficulties making materiality judgements when preparing financial statements. Some entities are unsure how to make materiality judgements and tend to use disclosure requirements in IFRS Standards as if they were items on a checklist, rather than using judgement when deciding what information to provide in financial statements. Some stakeholders stated that these difficulties and practices contribute to a disclosure problem namely, entities provide too much irrelevant information and not enough relevant information in their financial statements. Some stakeholders suggested that one of the factors contributing to these difficulties was the lack of guidance on materiality in IFRS Standards, particularly on how entities should make materiality judgements about information disclosed in the notes to the financial statements. In the light of this feedback, the Board decided to provide further guidance. The aim of the Board is to promote a behavioural change in the way entities prepare their financial statements, encouraging a greater exercise of judgement when determining what information to include or not to include in those statements. In October 2015, the Board published the Exposure Draft IFRS Practice Statement Application of Materiality to Financial Statements (Practice Statement ED). The Board developed the Practice Statement ED after considering the input obtained from outreach and consultations with the IFRS Advisory Council; the Accounting Standards Advisory Forum (ASAF); the World Standard-Setters; the Global Preparers Forum (GPF); the Capital Markets Advisory Committee (CMAC); representatives of the International Auditing and Assurance Standards Board and the International Organization of Securities Commissions; and a number of other accounting professionals, academics and representatives of other regulatory bodies. 47 The Board received 95 comment letters in response to the Practice Statement ED. The Board also conducted outreach on the proposals in the Practice Statement ED, including consultation with the ASAF, the CMAC and the GPF. Responses to the Practice Statement ED indicated widespread support for the Board to issue 47 The IFRS Advisory Council, the Accounting Standards Advisory Forum (ASAF), the Global Preparers Forum (GPF) and the Capital Markets Advisory Committee (CMAC) are the Board s advisory bodies. The World Standard-Setters is a meeting of accounting standard-setters organised by the Board. IFRS Foundation 46

7 IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS practical guidance on making materiality judgements in the preparation of financial statements. The Board considered the input it received on the Practice Statement ED when developing this Practice Statement. Form of the guidance BC5 BC6 The Practice Statement sets out non-mandatory guidance with the aim of assisting entities in making materiality judgements when preparing general purpose financial statements. Entities applying IFRS Standards are not required to comply with the Practice Statement to state compliance with those Standards. Nevertheless, the Board expects the Practice Statement to help promote a greater understanding of the role of materiality in applying IFRS Standards and of how judgement should be exercised to assess materiality in preparing financial statements. The Board expects that better understanding of the role of materiality will ultimately make financial statements more useful and easier to understand. The Board decided to provide guidance on how to make materiality judgements in the form of a non-mandatory Practice Statement because: (a) (b) issuing mandatory requirements in a Standard could risk appearing prescriptive, which could undermine the emphasis on entities applying their judgement in the assessment of materiality; and issuing guidance as a separate non-mandatory document, rather than as non-mandatory implementation guidance supporting a specific Standard, such as IAS 1, would help to emphasise that the concept of materiality is pervasive throughout IFRS Standards. BC7 BC8 BC9 BC10 Moreover, the Board was told that adding mandatory requirements in a Standard could risk creating conflicts with local legal or regulatory frameworks. Nevertheless, the Board observed that even though some jurisdictions might have legal or regulatory requirements that interact with IFRS materiality requirements, this should not result in a conflict with the guidance in the Practice Statement, provided that those local requirements do not prevent an entity from applying the requirements in IFRS Standards. No respondents to the Practice Statement ED and no participants in the outreach organised by the Board reported such a circumstance. Furthermore, this Practice Statement does not change any requirements in IFRS Standards or introduce any new requirements. The Board decided that non-mandatory status was more appropriate. Finally, the Board issued a Practice Statement rather than asking the IFRS Foundation staff to develop educational material because a Practice Statement is subject to full due process, including public consultation, and is more accessible than educational material. Responses to the Practice Statement ED indicated widespread agreement with the considerations that led the Board to include its guidance in a non-mandatory Practice Statement. 47 IFRS Foundation

8 IFRS PRACTICE STATEMENT 2 SEPTEMBER 2017 Scope BC11 BC12 BC13 The objective of this Practice Statement is to provide entities with guidance on making materiality judgements when preparing general purpose financial statements in accordance with IFRS Standards. The Board discussed whether to broaden the audience of the Practice Statement by also addressing it to other parties involved in financial reporting, but concluded that the Practice Statement should only be addressed to those involved in the preparation of the financial statements. The Board noted, however, that the Practice Statement is also likely to help other parties, such as auditors, users of financial statements, regulators and enforcers, understand the approach an entity follows in making materiality judgements when preparing its financial statements. The Board discussed whether the Practice Statement should also be addressed to entities applying the IFRS for SMEs Standard. However, the IFRS for SMEs Standard is a separate and stand-alone accounting framework based on full IFRS Standards with modifications to reflect cost-benefit considerations specific to small and medium sized entities and the need of users of the financial statements of such entities. The IFRS for SMEs Standard does not refer to the concept of primary users as included in the Conceptual Framework for Financial Reporting (Conceptual Framework) and does not include recent changes to full IFRS Standards (eg that an entity shall not reduce the understandability of its financial statements by obscuring material information with immaterial information). Therefore, the Board decided that the Practice Statement is not intended for entities applying the IFRS for SMEs Standard. The IFRS for SMEs Standard permits, but does not require, entities to refer to guidance available in full IFRS Standards. Those entities may therefore refer to the guidance in the Practice Statement in the same way they consider the requirements and guidance in full IFRS Standards dealing with similar and related issues in developing and applying accounting policies when the IFRS for SMEs Standard does not specifically address a transaction, other event or condition. Materiality is a general concept widely used for financial reporting and other purposes. For example, auditors usually assess materiality when making judgements about the nature, timing and extent of the work to be done to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. Some respondents to the Practice Statement ED noted that preparers and auditors of financial statements assess materiality using a comparable approach they both focus on information that could reasonably be expected to influence decisions of the users of an entity s financial statements. The Board discussed whether to include in the Practice Statement a reference to the assessment of materiality for auditing or other purposes, but decided to focus its guidance on the preparation of financial statements only. Assessing materiality for purposes other than the preparation of financial statements is beyond the scope of this Practice Statement. Moreover, referring to different applications of the concept of materiality might cause confusion. IFRS Foundation 48

9 IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS General characteristics of materiality BC14 BC15 BC16 BC17 Definition of material The Board has discussed the definition of material and whether to change or clarify that definition in its Principles of Disclosure project. In September 2017, on the basis of those discussions, the Board published the Exposure Draft Definition of Material (Proposed amendments to IAS 1 and IAS 8) (Definition of Material ED). The Definition of Material ED proposes refining the definition of material by incorporating the existing description of material information in paragraph 7 of IAS 1 48 and emphasising the need to ensure material information is not obscured, as described in paragraph 30A of IAS 1. IFRS Standards already include both concepts; consequently, the Practice Statement includes these notions. The Board considered whether to postpone issuing this Practice Statement until the completion of the Definition of Material project. However, the Board concluded that providing guidance on making materiality judgements as quickly as possible would be useful and responded to requests for guidance. Moreover, the Board observed that, since the proposed amendments in the Definition of Material ED do not constitute substantive changes to the existing requirements in IFRS Standards, they are unlikely to result in a change in practice for most entities or to significantly affect entities financial statements. Therefore, the guidance in this Practice Statement would not be affected by the proposed amendments, other than by the possible need to update the definition of material quoted in the document. Materiality judgements are pervasive The Board discussed whether to focus the guidance in the Practice Statement on IFRS presentation and disclosure requirements only, but concluded that the need for materiality judgements is pervasive in the preparation of financial statements, also encompassing recognition and measurement requirements. Consequently, the Board provided, throughout the Practice Statement, guidance on how to make materiality judgements in the context of recognition and measurement as well as of presentation and disclosure. Primary users and their information needs The Practice Statement explains that, when making its materiality assessments, an entity should consider the primary users of its financial statements its primary users as defined by the Conceptual Framework, that is, existing and potential investors, lenders and other creditors. The Board discussed whether it would be appropriate to emphasise the existence, among those primary users, of different subsets of users whose information needs might differ. However, the Board concluded that requiring an entity to identify different subsets of primary users, or focusing on any special information needs and expectations those users might have, could create a tension with the definition of general purpose financial statements, which focuses on the common information needs of a wide 48 the assessment needs to take into account how users [ ] could reasonably be expected to be influenced in making economic decisions [emphasis added]. 49 IFRS Foundation

10 IFRS PRACTICE STATEMENT 2 SEPTEMBER 2017 range of users. Consequently, the Practice Statement refers to the three categories of primary users identified in the Conceptual Framework existing and potential investors, lenders and other creditors. BC18 BC19 BC20 Furthermore, the Board decided to emphasise in the Practice Statement that the primary users of an entity s financial statements include potential investors, lenders and other creditors, as well as existing ones. The Board concluded this would address concerns some stakeholders expressed about an inappropriate focus on specific existing users; the Board decided to make clear that an entity cannot narrow the information provided in its financial statements by focusing only on its existing users information needs. An entity considers decisions its primary users make on the basis of the financial statements when deciding what information to include in those statements. Consequently, the Board decided the Practice Statement should describe primary users decisions and related information needs as set out in the Conceptual Framework. Primary users decisions depend on the returns they expect from the resources they provide to an entity. Expectations about returns, in turn, depend on primary users assessment of the amount, timing and uncertainty of the future cash inflows to the entity, as well as on the assessment of management s stewardship of the entity s resources. The Board further considered the Conceptual Framework when developing its guidance on the information needs of primary users an entity should consider when making materiality judgements. Providing all the information existing and potential investors, lenders and other creditors need is not the objective of general purpose financial statements. The Board clarified that an entity is not required to address information needs that respond to unique or individual information requests. An entity should aim to meet primary users common information needs. In developing its guidance, the Board clarified that, to avoid losing information relevant to one category of primary users (among the three identified in the Conceptual Framework), the common information needs are not limited to the information needs simultaneously shared across all categories of primary users. An entity separately identifies the common information needs for each of the three categories, and meets the total of these needs. Interaction with local laws and regulations BC21 BC22 The Board discussed the interaction of materiality requirements in IFRS Standards with local laws and regulations in the light of stakeholders comments relating to potential conflicts between the guidance in the Practice Statement ED and local legal or regulatory requirements. The Board noted that the Practice Statement provides guidance on making materiality judgements when preparing financial statements in accordance with IFRS Standards; it does not provide guidance on how to apply local legal or regulatory requirements. Nevertheless, the Board acknowledged that local requirements might affect information provided in the financial statements. In these circumstances, an entity must comply with the materiality requirements in IFRS Standards, but the Standards do not prohibit the disclosure of additional information required by local laws or regulations, even if that information is not material according to IFRS Foundation 50

11 IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS IFRS Standards. A conflict would only occur if local laws or regulations prohibit the inclusion of information that is material for the purpose of IFRS Standards. No respondents to the Practice Statement ED and no participants in the outreach organised by the Board reported such a circumstance. BC23 When information in addition to that required by IFRS Standards is provided in the financial statements, paragraph 30A of IAS 1 requires an entity to ensure that material information required by the Standards is not obscured. The Board observed that the appropriate organisation of information in the financial statements would allow an entity to meet that requirement. Making materiality judgements BC24 BC25 BC26 BC27 Respondents commenting on the Practice Statement ED welcomed the fact it gathered guidance on materiality from multiple IFRS Standards. However, some respondents suggested it would be useful to also describe the practical steps an entity follows when making materiality judgements in the preparation of its financial statements. The Board developed a four-step process (materiality process) in consultation with the ASAF, the CMAC and the GPF. The description of the materiality process illustrates the role materiality plays in the preparation of financial statements and clarifies how a materiality judgement is made. The materiality process also identifies the factors an entity should consider when making materiality judgements. Consistent with the non-mandatory status of the Practice Statement, the Board developed the materiality process as an example of the approach an entity may follow in making materiality judgements, but clarified that the materiality process includes the materiality requirements an entity must apply to state compliance with IFRS Standards. The Board considered whether to focus its guidance on the application of judgement or to illustrate the overall process of which materiality judgements are a part. However, as some respondents to the Practice Statement ED noted, describing the overall process helps an entity understand how materiality judgements can influence the preparation of its financial statements, as well as how the various materiality decisions are connected with each other. The Board included Step 1 (identify) to provide an entity with a clear starting point for its assessments. Stakeholders largely agreed that an entity should use the requirements in IFRS Standards to identify information that primary users might need to make decisions about providing resources to the entity. When using the requirements in IFRS Standards, an entity benefits from the assessment the Board makes when developing IFRS Standards when developing a Standard the Board identifies information it expects will meet the needs of a broad range of primary users. The Board also considered that some information not specified in IFRS Standards might be necessary to enable primary users to understand the impact of an entity s transactions, other events and conditions on the entity s financial position, financial performance and cash flows. Therefore, the Board decided that the entity s knowledge about its primary users common information needs should be an additional input to Step 1. On 51 IFRS Foundation

12 IFRS PRACTICE STATEMENT 2 SEPTEMBER 2017 the basis of that knowledge, an entity should consider whether to include additional information not specified by IFRS Standards in its financial statements. BC28 BC29 BC30 Step 2 (assess) describes factors an entity should consider in identifying whether an item of information is material. The Board concluded that the application of judgement in assessing whether information is material involves both quantitative and qualitative considerations. Respondents to the Practice Statement ED also agreed that, in making materiality judgements, an entity should consider both quantitative and qualitative factors. The Practice Statement includes some examples of materiality factors. However, the Board decided to describe a limited number of factors rather than provide an exhaustive list of considerations to be taken into account. The Board decided to include some guidance in the materiality process on the way an entity should reflect its materiality judgements. Step 3 (organise) deals with the output of an entity s materiality judgements and provides guidance the entity might want to consider to make its financial statements easier to understand. The Board recommends that an entity considers the different roles of the primary financial statements and the notes in deciding whether to present an item of information separately in the primary financial statements, to aggregate it with other information and/or to disclose the information in the notes. However, the Board decided not to provide further guidance on those topics in the Practice Statement. A discussion of the roles of the different components of the financial statements, as well as of the implications of those roles, has been included in the Principles of Disclosure Discussion Paper, which the Board published in March Step 4 (review) gives an entity the opportunity to step back, once it has prepared its draft financial statements, and consider the information from an aggregated perspective. The Board discussed whether this step duplicates the assessment performed in Step 2 and clarified that an entity makes its materiality judgements in Step 2, but then reviews these judgements once a draft of the financial statements is available. In Step 2, an entity based its assessment on the expected financial statements as a whole, while it was still preparing its draft. In Step 4, an entity checks its assessment against the actual draft financial statements this review may lead the entity to revisit the assessment performed in Step 2, provide additional information in the financial statements, remove immaterial information or reorganise existing information. Specific topics Prior-period information BC31 When discussing materiality judgements about prior-period information included in financial statements, the Board acknowledged some legal or regulatory requirements might set out the amount of prior-period information to include in the financial statements. However, the Board decided that providing guidance on making materiality judgements about prior-period information in the Practice Statement would be necessary to promote behavioural change consistently across all parts of the financial statements and IFRS Foundation 52

13 IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS to encourage entities to exercise greater judgement when determining what information to include or not to include in financial statements. BC32 BC33 BC34 BC35 The Board developed the guidance in the Practice Statement in the light of the minimum comparative information required by IAS 1. However, the Board acknowledged that an entity needs to consider any legal or regulatory requirements when making materiality judgements about prior-period information. Consequently, the Board decided to explain that, in its current-period financial statements, an entity may summarise prior-period information, compared to the way it was included in prior-period financial statements, except when local laws or regulations demand otherwise. The Board also clarified that an entity that wishes to state compliance with IFRS Standards cannot provide less information than the information required by the Standards, even if local laws and regulations permit otherwise. The Board also emphasised that, when providing prior-period information in addition to the minimum comparative information required by IFRS Standards, information has to be provided in accordance with those Standards and should not obscure material information. Some stakeholders asked whether providing prior-period information at the same level of detail as current-period information could be seen as obscuring material information in the current-period financial statements. The Board does not expect that such prior-period information would obscure current-period material information. Errors The Board discussed whether to include in the Practice Statement guidance to help entities determine whether an error is material. The Board noted that the assessment of whether an error could reasonably be expected to influence primary users decisions is an integral part of the preparation of the financial statements, and therefore concluded that the Practice Statement should address this topic. The Board noted that the materiality factors an entity would apply to conclude whether an error is material are the same as those described in the materiality process. Consequently, there is no need to provide any specific additional guidance. In the Errors section, the Practice Statement suggests that an entity refer to the considerations described in the materiality process. Respondents to the Practice Statement ED asked the Board to also address the situation in which an entity faces errors generated by the accumulation over several periods of errors that were immaterial both in individual prior periods and cumulatively over all prior periods (sometimes called cumulative errors ). The Board concluded it would be helpful to clarify that, in such circumstances: (a) (b) materiality judgements about cumulative errors that an entity made at the time the prior-period financial statements were authorised for issue need not be revisited in the current period, provided those judgements were reasonable at the time they were made and the entity considered information that was available, or was reasonably expected to be available, at that time; however an entity needs to assess whether cumulative errors have become material to the current-period financial statements. 53 IFRS Foundation

14 IFRS PRACTICE STATEMENT 2 SEPTEMBER 2017 BC36 BC37 BC38 The Board decided to include a statement in the Practice Statement to remind an entity that a cumulative error must be corrected if it becomes material to the current-period financial statements. The Board discussed whether to provide further guidance on how to correct such an error, but concluded that the Practice Statement should focus on how to make materiality judgements, instead of dealing with the consequences of these judgements. IAS 8 contains the requirements on the correction of errors. The Practice Statement ED included some wording implying that if an entity intentionally misstates or omits information to achieve a particular presentation or result, such an error is always material. Respondents to the Practice Statement ED commented that the wording appears inconsistent with paragraph 41 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Paragraph 41 of IAS 8 does not characterise such errors as material, however, it requires the correction of all errors made intentionally to achieve a particular presentation of an entity s financial position, financial performance or cash flows. The Board decided to align the wording in the Practice Statement with the wording of paragraph 41 of IAS 8. Information about covenants When discussing whether the existence of a covenant, or similar contractual terms, could influence materiality judgements, the Board identified two concerns: (a) (b) do any specific considerations apply in making materiality judgements on information about the existence and terms of a covenant, or a covenant breach? does the existence of a covenant influence materiality judgements about information other than about the existence of the covenant, or a covenant breach, included in the financial statements? BC39 BC40 In respect of the first concern, the Board concluded that, in addition to the materiality factors described in the materiality process, materiality judgements are specifically influenced by the consequences of a breach occurring and the likelihood of that breach occurring. In particular, the Board clarified that, regardless of the significance of the consequences of a breach occurring, information about the covenant is not material if the likelihood of the breach occurring is remote. In providing this clarification, the Board applied the disclosure threshold set in paragraph 28 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets regarding the disclosure of contingent liabilities. In respect of the second concern, the Board discussed including in the Practice Statement guidance stating that the existence of a covenant should not influence an entity s assessment of the materiality of other information in the financial statements. In other words, an entity is not required to reperform its materiality assessments the closer it gets to breaching a covenant. However, some stakeholders observed that such guidance would conflict with existing guidance developed by other parties on the assessment of the materiality of errors. To avoid creating any confusion among preparers and others involved in IFRS Foundation 54

15 IFRS PRACTICE STATEMENT 2 MAKING MATERIALITY JUDGEMENTS financial reporting, the Board decided not to include in the Practice Statement guidance on the impact of covenants on materiality assessments. BC41 Materiality judgements for interim reporting The Board discussed whether to provide guidance on how to make materiality judgements when preparing an interim financial report. The Board concluded that, when preparing an interim financial report, an entity should consider the same materiality factors it considers in preparing its annual financial statements. However, the Board also noted that it would be helpful to explain any additional considerations relevant to making a materiality judgement in the preparation of an interim financial report. In particular, the Board noted that it would be helpful to explain how the different time period and purposes of an interim financial report, compared to the annual financial statements, affect materiality judgements, as well as to address some practical concerns raised by respondents to the Practice Statement ED. Likely effects of this Practice Statement BC42 BC43 The Board is committed to assessing and sharing knowledge about the likely costs of implementing proposed new requirements and guidance the costs and benefits are collectively referred to as effects. The Practice Statement is designed to provide guidance on how to make materiality judgements in the preparation of financial statements. The Practice Statement does not change any requirements in IFRS Standards or introduce any new requirements. With no changes in existing requirements and given that the application of the Practice Statement is not required to state compliance with IFRS Standards, the Board concluded that a separate effects analysis was not necessary. The expected effects of the Practice Statement have been considered as part of the Board s discussions. The Board expects the Practice Statement will: (a) (b) (c) enhance awareness of the role of materiality in helping to promote positive changes in behaviour (such as to discourage rigid adherence to checklists by an entity preparing financial statements); encourage an entity to exercise judgement to a greater extent when preparing financial statements, which should lead to a reduction in boilerplate disclosures and redundant information and provide a framework for assessing the need in the financial statements for information that is additional to disclosure requirements specified by IFRS Standards; and provide a useful reference point for discussions between an entity, its auditors and regulators on the assessment of materiality, which could help facilitate agreement. BC44 The Board does not expect any significant costs associated with the application of the Practice Statement because it introduces no new requirements nor is the application of the Practice Statement mandatory. However, some implementation costs might be faced by an entity that has previously relied on a checklist approach when preparing its financial statements. The Board expects such an entity would apply more judgement when deciding what information to 55 IFRS Foundation

16 IFRS PRACTICE STATEMENT 2 SEPTEMBER 2017 include in the financial statements, if it follows the guidance in the Practice Statement. The Board concluded that the benefits of higher-quality disclosures and easier access to information for primary users of financial statements exceed the implementation costs required when entities apply judgement in preparing financial statements, rather than following a checklist. Conversely, an entity already applying appropriate judgement in the preparation of its financial statements would incur no additional implementation costs and could benefit from the issue of the Practice Statement in its interaction with auditors and other stakeholders. BC45 The effects the Board expects from the Practice Statement were assessed against the comments received on the Practice Statement ED. Overall, respondents confirmed the Board s expectations and welcomed the proposal to issue the Practice Statement. Interaction with the Board s other projects BC46 The Board decided to issue this Practice Statement before the finalisation of the Principle of Disclosures project, for which a Discussion Paper was published in March 2017; the Definition of Material project, for which an Exposure Draft was published in September 2017; or the Conceptual Framework project the revised Conceptual Framework is expected to be issued in The Board considered whether to postpone issuing this Practice Statement until the completion of one or more of those projects; however, it concluded that it would be useful to provide guidance on making materiality judgements as quickly as possible, to respond to requests for guidance. Moreover, the Board concluded that the finalisation of these projects would be unlikely to affect the guidance in the Practice Statement. IFRS Foundation 56

17 IAS International Financial Reporting Standards IFRS Foundation IFRS IFRIC SIC IASB Contact the IFRS Foundation for details of countries where its trade marks are in use or have been registered. The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom Telephone: +44 (0) Web: Publications Department Telephone: +44 (0)

Disclosure Initiative Principles of Disclosure

Disclosure Initiative Principles of Disclosure March 2019 IFRS Standards Project Summary Disclosure Initiative Principles of Disclosure Principles of Disclosure The International Accounting Standards Board s research programme The International Accounting

More information

8th Floor, 125 London Wall, London EC2Y 5AS Tel: +44 (0) Fax: +44 (0)

8th Floor, 125 London Wall, London EC2Y 5AS Tel: +44 (0) Fax: +44 (0) Ms Kristy Robinson Technical Principal IFRS Foundation 30 Cannon Street London EC4M 6XH 27 January 2016 Dear Kristy This letter sets out the comments of the UK Financial Reporting Council (FRC) on the

More information

8th Floor, 125 London Wall, London EC2Y 5AS Tel: +44 (0) Fax: +44 (0)

8th Floor, 125 London Wall, London EC2Y 5AS Tel: +44 (0) Fax: +44 (0) Mr Hans Hoogervorst Chairman of the IASB IFRS Foundation 30 Cannon Street London EC4M 6XH 10 January 2018 Dear Hans, This letter sets out the comments of the UK Financial Reporting Council (FRC) on the

More information

EFRAG s Draft letter to the European Commission regarding endorsement of Definition of Material (Amendments to IAS 1 and IAS 8)

EFRAG s Draft letter to the European Commission regarding endorsement of Definition of Material (Amendments to IAS 1 and IAS 8) EFRAG s Draft letter to the European Commission regarding endorsement of Olivier Guersent Director General, Financial Stability, Financial Services and Capital Markets Union European Commission 1049 Brussels

More information

FEE Comments on EFRAG Draft Comment Letter on ESMA Consultation Paper Considerations of materiality in financial reporting

FEE Comments on EFRAG Draft Comment Letter on ESMA Consultation Paper Considerations of materiality in financial reporting Ms Françoise Flores EFRAG Chairman Square de Meeûs 35 B-1000 BRUXELLES E-mail: commentletter@efrag.org 13 March 2012 Ref.: FRP/PRJ/SKU/SRO Dear Ms Flores, Re: FEE Comments on EFRAG Draft Comment Letter

More information

Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom

Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Sent by email: Commentletters@ifrs.org Brussels, 19 February 2016 Subject: The Federation

More information

Exposure Draft Definition of Material. Issues Paper - Towards a Draft Comment Letter

Exposure Draft Definition of Material. Issues Paper - Towards a Draft Comment Letter EFRAG TEG meeting 10 11 May 2017 Paper 06-02 EFRAG Secretariat: H. Kebli EFRAG SECRETARIAT PAPER FOR PUBLIC EFRAG TEG MEETING This paper has been prepared by the EFRAG Secretariat for discussion at a public

More information

CONTACT(S) Kristy Robinson +44 (0) Amy Bannister +44 (0)

CONTACT(S) Kristy Robinson +44 (0) Amy Bannister +44 (0) Agenda ref 7B STAFF PAPER Accounting Standards Advisory Forum Project Paper topic Disclosure Initiative Materiality Objective and scope of the project CONTACT(S) Kristy Robinson krobinson@ifrs.org +44

More information

8th Floor, 125 London Wall, London EC2Y 5AS Tel: +44 (0) Fax: +44 (0)

8th Floor, 125 London Wall, London EC2Y 5AS Tel: +44 (0) Fax: +44 (0) Mr Jean-Paul Gauzès President of the EFRAG Board European Financial Reporting Advisory Group 35 Square de Meeûs B-1000 Brussels Belgium E-mail: commentletters@efrag.org 10 January 2018 Dear Jean-Paul Thank

More information

IAASB Main Agenda (March, 2015) Auditing Disclosures Issues and Task Force Recommendations

IAASB Main Agenda (March, 2015) Auditing Disclosures Issues and Task Force Recommendations IAASB Main Agenda (March, 2015) Agenda Item 2-A Auditing Disclosures Issues and Task Force Recommendations Draft Minutes from the January 2015 IAASB Teleconference 1 Disclosures Issues and Revised Proposed

More information

ICAEW is pleased to respond to your request for comments on the consultation paper Considerations of Materiality in Financial Reporting.

ICAEW is pleased to respond to your request for comments on the consultation paper Considerations of Materiality in Financial Reporting. 20 February 2012 Our ref: ICAEW Rep 17/12 Your ref: ESMA/2011/373 European Securities and Markets Authority 103 rue de Grenelle 75007 Paris France Dear Sirs CONSIDERATIONS OF MATERIALITY IN FINANCIAL REPORTING

More information

Mde Françoise Flores, Chair EFRAG 35 Square de Meeûs B-1000 Brussels Belgium January Dear Mde.

Mde Françoise Flores, Chair EFRAG 35 Square de Meeûs B-1000 Brussels Belgium January Dear Mde. Deloitte Touche Tohmatsu Limited 2 New Street Square London EC4A 3BZ Tel: +44 (0) 20 7936 3000 Fax: +44 (0) 20 7583 1198 www.deloitte.com Direct: +44 20 7007 0884 Direct Fax: +44 20 7007 0158 vepoole@deloitte.co.uk

More information

Proposed International Standard on Auditing 315 (Revised) Identifying and Assessing the Risks of Material Misstatement

Proposed International Standard on Auditing 315 (Revised) Identifying and Assessing the Risks of Material Misstatement 2 November 2018 Crowe Global 488 Madison Avenue, Suite 1200 New York NY 10022-5734 USA +1.212.808.2000 +1.212.808.2020 Fax www.crowe.com/global david.chitty@crowe.org Professional Arnold Schilder Chairman

More information

December 8, Ms. Susan Cosper Technical Director Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT

December 8, Ms. Susan Cosper Technical Director Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT December 8, 2015 Ms. Susan Cosper Technical Director Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856-5116 Re: File Reference Nos. and Dear Ms. Cosper: PricewaterhouseCoopers

More information

By RE: June 2015 Exposure Draft, Nordic Federation Standard for Audits of Small Entities (SASE)

By   RE: June 2015 Exposure Draft, Nordic Federation Standard for Audits of Small Entities (SASE) October 19, 2015 Mr. Jens Røder Secretary General Nordic Federation of Public Accountants By email: jr@nrfaccount.com RE: June 2015 Exposure Draft, Nordic Federation Standard for Audits of Small Entities

More information

EFRAG 35 Square de Meeus 1000 Brussels Belgium Att.: Chairman Francoise Flores By

EFRAG 35 Square de Meeus 1000 Brussels Belgium Att.: Chairman Francoise Flores By EFRAG 35 Square de Meeus 1000 Brussels Belgium Att.: Chairman Francoise Flores By e-mail: Commentletter@efrag.org 27 March 2012 Dear Francoise Flores, Re. EFRAG Draft Comment Letter: ESMA Consultation

More information

Conceptual Framework for Financial Reporting

Conceptual Framework for Financial Reporting Amendments to Statement of Financial Accounting Concepts No. 8 August 2018 Conceptual Framework for Financial Reporting Chapter 3, Qualitative Characteristics of Useful Financial Information Copyright

More information

Mr Hans Hoogervorst International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH. MV/288 Mark Vaessen.

Mr Hans Hoogervorst International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH. MV/288 Mark Vaessen. Tel +44 (0)20 7694 8871 15 Canada Square mark.vaessen@kpmgifrg.com London E14 5GL United Kingdom Mr Hans Hoogervorst International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH

More information

IASB DISCUSSION PAPER DISCLOSURE INITIATIVE PRINCIPLES OF DISCLOSURE

IASB DISCUSSION PAPER DISCLOSURE INITIATIVE PRINCIPLES OF DISCLOSURE JOINT USER OUTREACH EVENT IASB DISCUSSION PAPER DISCLOSURE INITIATIVE PRINCIPLES OF DISCLOSURE SUMMARY REPORT BRUSSELS 3 JULY 2017 This report has been prepared for the convenience of European constituents

More information

Domenic N. Savini, CPA, CMA. MSA EthicQuest, Llc

Domenic N. Savini, CPA, CMA. MSA EthicQuest, Llc Page 1 IFRS Foundation 30 Cannon Street London EC4M 6H United Kingdom December 22, 2015 To whom it may concern: I wish to thank the IFRS Foundation and IASB for this opportunity to comment on the Exposure

More information

Impact on audit quality. 1 November 2018

Impact on audit quality. 1 November 2018 1221 Avenue of Americas New York, NY 10020 United States of America www.deloitte.com Dan Montgomery Interim Technical Director International Auditing and Assurance Standards Board International Federation

More information

15 August Office of the Secretary PCAOB 1666 K Street, NW Washington, DC USA

15 August Office of the Secretary PCAOB 1666 K Street, NW Washington, DC USA 15 August 2016 Office of the Secretary PCAOB 1666 K Street, NW Washington, DC 20006-2803 USA submitted via email to comments@pcaobus.org PCAOB Release No. 2016-003, PCAOB Rulemaking Docket Matter No. 034

More information

Paper topic Aligning the definition and additional paragraphs for IAS 1

Paper topic Aligning the definition and additional paragraphs for IAS 1 IASB Agenda ref 11B STAFF PAPER April 2015 Project Materiality Paper topic Aligning the definition and additional paragraphs for IAS 1 CONTACT(S) Aisling Carney acarney@ifrs.org +44 (0)20 7246 6480 Michelle

More information

Data Analytics and the ISAs

Data Analytics and the ISAs Bob Dohrer, IAASB Member and Working Group Chair IAASB Meeting March 2016 Agenda Item 6 Page 1 Overview Objectives of discussion Key messages from Data Analytics Working Group s (DAWG s) outreach to date

More information

Materiality. Staff Paper on Consideration of Definitions of Materiality in Financial Reporting Frameworks

Materiality. Staff Paper on Consideration of Definitions of Materiality in Financial Reporting Frameworks IAASB Main Agenda Page 2004 1209 Agenda Item 9 Committee: IAASB Meeting Location: Copenhagen Meeting Date: June 14-17, 2004 Materiality Staff Paper on Consideration of Definitions of Materiality in Financial

More information

Who we are and what we do

Who we are and what we do Who we are and what we do The IFRS Foundation and the International Accounting Standards Board Mission To develop IFRS Standards that bring transparency, accountability and efficiency to financial markets

More information

IAASB Main Agenda (December 2004) Page Materiality

IAASB Main Agenda (December 2004) Page Materiality IAASB Main Agenda (December 2004) Page 2004 2399 INTERNATIONAL FEDERATION OF ACCOUNTANTS 545 Fifth Avenue, 14th Floor Tel: +1 (212) 286-9344 New York, New York 10017 Fax: +1 (212) 286-9570 Internet: http://www.ifac.org

More information

CRIRSCO and evolving international accounting standards: IFRSs

CRIRSCO and evolving international accounting standards: IFRSs 8 November, 2011 International Financial Reporting Standards CRIRSCO and evolving international accounting standards: IFRSs Glenn Brady Senior Technical Manager, IASB The views expressed in this presentation

More information

Who we are and what we do

Who we are and what we do Who we are and what we do The IFRS Foundation and the International Accounting Standards Board Mission To develop IFRS Standards that bring transparency, accountability and efficiency to financial markets

More information

COMMENTARY. Participating Committee Members:

COMMENTARY. Participating Committee Members: CURRENT ISSUES IN AUDITING Vol. 10, No. 2 Fall 2016 pp. C1 C9 American Accounting Association DOI: 10.2308/ciia-51450 COMMENTARY Comments by the Auditing Standards Committee of the Auditing Section of

More information

Fiscal 2007 Environmental Technology Verification Pilot Program Implementation Guidelines

Fiscal 2007 Environmental Technology Verification Pilot Program Implementation Guidelines Fifth Edition Fiscal 2007 Environmental Technology Verification Pilot Program Implementation Guidelines April 2007 Ministry of the Environment, Japan First Edition: June 2003 Second Edition: May 2004 Third

More information

Proposed Changes to the ASX Listing Rules How the Changes Will Affect New Listings and Disclosure for Mining and Oil & Gas Companies

Proposed Changes to the ASX Listing Rules How the Changes Will Affect New Listings and Disclosure for Mining and Oil & Gas Companies Proposed Changes to the ASX Listing Rules How the Changes Will Affect New Listings and Disclosure for Mining and Oil & Gas Companies ASX has recently issued two releases that may result in amendments to

More information

Specific Matter for Comment 1 Do you generally agree with the proposals in the ED? If not, please provide reasons.

Specific Matter for Comment 1 Do you generally agree with the proposals in the ED? If not, please provide reasons. May 30, 2014 Ms. Stephenie Fox Technical Director International Public Sector Accounting Standards Board International Federation of Accountants 277 Wellington Street, 4 th Floor Toronto, Ontario M5V 3H2

More information

Re: Notes to Financial Statements (Topic 235) Assessing Whether Disclosures Are Material

Re: Notes to Financial Statements (Topic 235) Assessing Whether Disclosures Are Material January 21, 2016 Mr. Russell Golden Chair Financial Accounting Standards Board 401 Merritt 7 P.O Box 5116 Norwalk, CT 06856-5116 Re: Notes to Financial Statements (Topic 235) Assessing Whether Disclosures

More information

ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment

ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment Fiona Campbell, ISA 315 (Revised) Task Force Chair IAASB Meeting, December

More information

Upstream Petroleum Contracts, Accounting & Auditing Policies and Procedures

Upstream Petroleum Contracts, Accounting & Auditing Policies and Procedures Upstream Petroleum Contracts, Accounting & Auditing Policies and Procedures 25 Nov - 06 Dec 2018, Dubai 02-13 Sep 2019, London 24 Nov - 05 Dec 2019, Dubai Upstream Petroleum Contracts, Accounting Introduction

More information

IAASB Main Agenda (May 2006) Page Materiality and Misstatements

IAASB Main Agenda (May 2006) Page Materiality and Misstatements IAASB Main Agenda (May 2006) Page 2006 1091 Committee: IAASB Meeting Location: New York Meeting Date: May 22-26, 2006 Agenda Item 9 Objectives of Agenda Item 1. To approve proposed ISA 320 (Revised), Materiality

More information

April 30, Andreas Bergman Chair International Public Sector Accounting Standards Board 529 Fifth Avenue, 6th Floor New York, NY USA

April 30, Andreas Bergman Chair International Public Sector Accounting Standards Board 529 Fifth Avenue, 6th Floor New York, NY USA April 30, 2013 Andreas Bergman Chair International Public Sector Accounting Standards Board 529 Fifth Avenue, 6th Floor New York, NY 10017 USA By electronic submission Dear Mr. Bergmann, Re.: Conceptual

More information

Revision of the Public Law Outline

Revision of the Public Law Outline Revision of the Public Law Outline Issue The President of the Family Division and the Ministry of Justice have been working together (and in conjunction with other family justice agencies) to revise the

More information

IMPORTANT NOTICE: PLEASE READ CAREFULLY BEFORE INSTALLING THE SOFTWARE: THIS LICENCE AGREEMENT (LICENCE) IS A LEGAL AGREEMENT BETWEEN

IMPORTANT NOTICE: PLEASE READ CAREFULLY BEFORE INSTALLING THE SOFTWARE: THIS LICENCE AGREEMENT (LICENCE) IS A LEGAL AGREEMENT BETWEEN Date: 1st April 2016 (1) Licensee (2) ICG Visual Imaging Limited Licence Agreement IMPORTANT NOTICE: PLEASE READ CAREFULLY BEFORE INSTALLING THE SOFTWARE: THIS LICENCE AGREEMENT (LICENCE) IS A LEGAL AGREEMENT

More information

Herts Valleys Clinical Commissioning Group. Review of NHS Herts Valleys CCG Constitution

Herts Valleys Clinical Commissioning Group. Review of NHS Herts Valleys CCG Constitution Herts Valleys Clinical Commissioning Group Review of NHS Herts Valleys CCG s constitution Agenda Item: 14 REPORT TO: HVCCG Board DATE of MEETING: 30 January 2014 SUBJECT: Review of NHS Herts Valleys CCG

More information

TITLE V. Excerpt from the July 19, 1995 "White Paper for Streamlined Development of Part 70 Permit Applications" that was issued by U.S. EPA.

TITLE V. Excerpt from the July 19, 1995 White Paper for Streamlined Development of Part 70 Permit Applications that was issued by U.S. EPA. TITLE V Research and Development (R&D) Facility Applicability Under Title V Permitting The purpose of this notification is to explain the current U.S. EPA policy to establish the Title V permit exemption

More information

Submission to the Productivity Commission inquiry into Intellectual Property Arrangements

Submission to the Productivity Commission inquiry into Intellectual Property Arrangements Submission to the Productivity Commission inquiry into Intellectual Property Arrangements DECEMBER 2015 Business Council of Australia December 2015 1 Contents About this submission 2 Key recommendations

More information

Robert Bond Partner, Commercial/IP/IT

Robert Bond Partner, Commercial/IP/IT Using Privacy Impact Assessments Effectively robert.bond@bristows.com Robert Bond Partner, Commercial/IP/IT BA (Hons) Law, Wolverhampton University Qualified as a Solicitor 1979 Qualified as a Notary Public

More information

The BioBrick Public Agreement. DRAFT Version 1a. January For public distribution and comment

The BioBrick Public Agreement. DRAFT Version 1a. January For public distribution and comment The BioBrick Public Agreement DRAFT Version 1a January 2010 For public distribution and comment Please send any comments or feedback to Drew Endy & David Grewal c/o endy@biobricks.org grewal@biobricks.org

More information

BB Product profile. 2. Pinning information. 3. Ordering information. FM variable capacitance double diode. 1.1 General description

BB Product profile. 2. Pinning information. 3. Ordering information. FM variable capacitance double diode. 1.1 General description SOT23 Rev. 3 7 September 2011 Product data sheet 1. Product profile 1.1 General description The is a variable capacitance double diode with a common cathode, fabricated in silicon planar technology, and

More information

Appointment of External Auditors

Appointment of External Auditors Appointment of External Auditors This paper is for: Recommendation: Decision The Governing Body is asked to note the report and agree that a specialised Audit Panel be set up for the selection of the CCG

More information

Getting the evidence: Using research in policy making

Getting the evidence: Using research in policy making Getting the evidence: Using research in policy making REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 586-I Session 2002-2003: 16 April 2003 LONDON: The Stationery Office 14.00 Two volumes not to be sold

More information

" " EC4M 6XH. :

  EC4M 6XH. : : : " ". EC4M 6XH. + () : + () : info@ifrs.org + () : + () : publications@ifrs.org www.ifrs.org (ASCA) :. +-- : +-- : - asca.jordan@tagi.com : www.ascasociety.org : This training material has been prepared

More information

TechAmerica Europe comments for DAPIX on Pseudonymous Data and Profiling as per 19/12/2013 paper on Specific Issues of Chapters I-IV

TechAmerica Europe comments for DAPIX on Pseudonymous Data and Profiling as per 19/12/2013 paper on Specific Issues of Chapters I-IV Tech EUROPE TechAmerica Europe comments for DAPIX on Pseudonymous Data and Profiling as per 19/12/2013 paper on Specific Issues of Chapters I-IV Brussels, 14 January 2014 TechAmerica Europe represents

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM SD SPECIALIZED DISCLOSURE REPORT FACEBOOK, INC.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM SD SPECIALIZED DISCLOSURE REPORT FACEBOOK, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM SD SPECIALIZED DISCLOSURE REPORT FACEBOOK, INC. (Exact name of registrant as specified in its charter) Delaware 001-35551 20-1665019

More information

Gender pay gap reporting tight for time

Gender pay gap reporting tight for time People Advisory Services Gender pay gap reporting tight for time March 2018 Contents Introduction 01 Insights into emerging market practice 02 Timing of reporting 02 What do employers tell us about their

More information

MINISTRY OF HEALTH STAGE PROBITY REPORT. 26 July 2016

MINISTRY OF HEALTH STAGE PROBITY REPORT. 26 July 2016 MINISTRY OF HEALTH Request For Solution Outline (RFSO) Social Bonds Pilot Scheme STAGE PROBITY REPORT 26 July 2016 TressCox Lawyers Level 16, MLC Centre, 19 Martin Place, Sydney NSW 2000 Postal Address:

More information

VHF variable capacitance diode

VHF variable capacitance diode Rev. 1 25 March 2013 Product data sheet 1. Product profile 1.1 General description The is a variable capacitance diode, fabricated in planar technology, and encapsulated in the SOD323 (SC-76) very small

More information

Two elements in series configuration in a small SMD plastic package Low diode capacitance Low diode forward resistance AEC-Q101 qualified

Two elements in series configuration in a small SMD plastic package Low diode capacitance Low diode forward resistance AEC-Q101 qualified Rev. 2 25 October 2016 Product data sheet 1. Product profile 1.1 General description Two planar PIN diodes in series configuration in a SOT323 small SMD plastic package. 1.2 Features and benefits Two elements

More information

Proposed Accounting Standards Update: Financial Services Investment Companies (Topic 946)

Proposed Accounting Standards Update: Financial Services Investment Companies (Topic 946) February 13, 2012 Financial Accounting Standards Board Delivered Via E-mail: director@fasb.org Re: File Reference No. 2011-200 Proposed Accounting Standards Update: Financial Services Investment Companies

More information

Tribute Pharmaceuticals Canada Inc.

Tribute Pharmaceuticals Canada Inc. SECURITIES & EXCHANGE COMMISSION EDGAR FILING Tribute Pharmaceuticals Canada Inc. Form: 8-K/A Date Filed: 2008-03-11 Corporate Issuer CIK: 1159019 Symbol: TBUFF SIC Code: 2834 Fiscal Year End: 12/31 Copyright

More information

19 Progressive Development of Protection Framework for Pharmaceutical Invention under the TRIPS Agreement Focusing on Patent Rights

19 Progressive Development of Protection Framework for Pharmaceutical Invention under the TRIPS Agreement Focusing on Patent Rights 19 Progressive Development of Protection Framework for Pharmaceutical Invention under the TRIPS Agreement Focusing on Patent Rights Research FellowAkiko Kato This study examines the international protection

More information

International Financial Reporting Standards. IASC Foundation

International Financial Reporting Standards. IASC Foundation International Financial Reporting Standards Extractive Activities Research Project 7 th session of the ECE Ad Hoc Group of Experts on Harmonization of Fossil Energy and Mineral Resources Terminology Geneva,

More information

APPOINTMENT OF JOINT COMPANY SECRETARY, AUTHORISED REPRESENTATIVE AND SECRETARY TO THE BOARD

APPOINTMENT OF JOINT COMPANY SECRETARY, AUTHORISED REPRESENTATIVE AND SECRETARY TO THE BOARD Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Four planar PIN diode array in SOT363 small SMD plastic package.

Four planar PIN diode array in SOT363 small SMD plastic package. Rev. 4 7 March 2014 Product data sheet 1. Product profile 1.1 General description Four planar PIN diode array in SOT363 small SMD plastic package. 1.2 Features and benefits High voltage current controlled

More information

BAP Product profile. 2. Pinning information. 3. Ordering information. Silicon PIN diode. 1.1 General description. 1.2 Features and benefits

BAP Product profile. 2. Pinning information. 3. Ordering information. Silicon PIN diode. 1.1 General description. 1.2 Features and benefits Rev. 5 28 April 2015 Product data sheet 1. Product profile 1.1 General description Two planar PIN diodes in common cathode configuration in a SOT23 small plastic SMD package. 1.2 Features and benefits

More information

75 MHz, 30 db gain reverse amplifier

75 MHz, 30 db gain reverse amplifier Rev. 5 28 September 2010 Product data sheet 1. Product profile 1.1 General description Hybrid high dynamic range amplifier module in a SOT115J package operating at a voltage supply of 24 V (DC). CAUTION

More information

Planar PIN diode in a SOD523 ultra small SMD plastic package.

Planar PIN diode in a SOD523 ultra small SMD plastic package. Rev. 5 28 September 2010 Product data sheet 1. Product profile 1.1 General description Planar PIN diode in a SOD523 ultra small SMD plastic package. 1.2 Features and benefits High voltage, current controlled

More information

SAUDI ARABIAN STANDARDS ORGANIZATION (SASO) TECHNICAL DIRECTIVE PART ONE: STANDARDIZATION AND RELATED ACTIVITIES GENERAL VOCABULARY

SAUDI ARABIAN STANDARDS ORGANIZATION (SASO) TECHNICAL DIRECTIVE PART ONE: STANDARDIZATION AND RELATED ACTIVITIES GENERAL VOCABULARY SAUDI ARABIAN STANDARDS ORGANIZATION (SASO) TECHNICAL DIRECTIVE PART ONE: STANDARDIZATION AND RELATED ACTIVITIES GENERAL VOCABULARY D8-19 7-2005 FOREWORD This Part of SASO s Technical Directives is Adopted

More information

LLOYDS BANKING GROUP MATTERS RESERVED TO THE BOARDS (LLOYDS BANKING GROUP PLC, LLOYDS BANK PLC, BANK OF SCOTLAND PLC & HBOS PLC)

LLOYDS BANKING GROUP MATTERS RESERVED TO THE BOARDS (LLOYDS BANKING GROUP PLC, LLOYDS BANK PLC, BANK OF SCOTLAND PLC & HBOS PLC) LLOYDS BANKING GROUP MATTERS RESERVED TO THE BOARDS (LLOYDS BANKING GROUP PLC, LLOYDS BANK PLC, BANK OF SCOTLAND PLC & HBOS PLC) LLOYDS BANKING GROUP PLC, LLOYDS BANK PLC, BANK OF SCOTLAND PLC & HBOS PLC

More information

ICC POSITION ON LEGITIMATE INTERESTS

ICC POSITION ON LEGITIMATE INTERESTS ICC POSITION ON LEGITIMATE INTERESTS POLICY STATEMENT Prepared by the ICC Commission on the Digital Economy Summary and highlights This statement outlines the International Chamber of Commerce s (ICC)

More information

Re: JICPA Comments on the PCAOB Rulemaking Docket Matter No. 034

Re: JICPA Comments on the PCAOB Rulemaking Docket Matter No. 034 The Japanese Institute of Certified Public Accountants 4-4-1 Kudan-Minami, Chiyoda-ku, Tokyo 102-8264, Japan Phone: 81-3-3515-1166 Fax: 81-3-5226-3355 Email: rinrikansa@jicpa.or.jp December 11, 2013 Office

More information

NZFSA Policy on Food Safety Equivalence:

NZFSA Policy on Food Safety Equivalence: NZFSA Policy on Food Safety Equivalence: A Background Paper June 2010 ISBN 978-0-478-33725-9 (Online) IMPORTANT DISCLAIMER Every effort has been made to ensure the information in this report is accurate.

More information

The European Securitisation Regulation: The Countdown Continues... Draft Regulatory Technical Standards on Content and Format of the STS Notification

The European Securitisation Regulation: The Countdown Continues... Draft Regulatory Technical Standards on Content and Format of the STS Notification WHITE PAPER March 2018 The European Securitisation Regulation: The Countdown Continues... Draft Regulatory Technical Standards on Content and Format of the STS Notification Regulation (EU) 2017/2402, which

More information

Hex non-inverting precision Schmitt-trigger

Hex non-inverting precision Schmitt-trigger Rev. 4 26 November 2015 Product data sheet 1. General description The is a hex buffer with precision Schmitt-trigger inputs. The precisely defined trigger levels are lying in a window between 0.55 V CC

More information

Planar PIN diode in a SOD523 ultra small plastic SMD package.

Planar PIN diode in a SOD523 ultra small plastic SMD package. Rev. 10 12 May 2015 Product data sheet 1. Product profile 1.1 General description Planar PIN diode in a SOD523 ultra small plastic SMD package. 1.2 Features and benefits High voltage, current controlled

More information

200 MHz, 35 db gain reverse amplifier. High performance amplifier in a SOT115J package, operating at a voltage supply of 24 V (DC).

200 MHz, 35 db gain reverse amplifier. High performance amplifier in a SOT115J package, operating at a voltage supply of 24 V (DC). Rev. 6 5 August 2010 Product data sheet 1. Product profile 1.1 General description High performance amplifier in a SOT115J package, operating at a voltage supply of 24 V (DC). CAUTION This device is sensitive

More information

Clinical Commissioning Groups: Basic decision making around delegation

Clinical Commissioning Groups: Basic decision making around delegation briefing January 2013 Clinical Commissioning Groups: Basic decision making around delegation To delegate, or not to delegate? That is the question. If only it were that simple. The question is not whether

More information

Merton Clinical Commissioning Group Constitution. [29 May] 2012

Merton Clinical Commissioning Group Constitution. [29 May] 2012 Merton Clinical Commissioning Group Constitution [29 May] 2012 Merton Clinical Commissioning Group Constitution Introduction Dear Members CHAIR S STATEMENT Merton Clinical Commissioning Group has been

More information

PNP general-purpose double transistor. PNP general-purpose double transistor in a small SOT143B Surface-Mounted Device (SMD) plastic package.

PNP general-purpose double transistor. PNP general-purpose double transistor in a small SOT143B Surface-Mounted Device (SMD) plastic package. Rev. 4 2 August 2010 Product data sheet 1. Product profile 1.1 General description in a small SOT143B Surface-Mounted Device (SMD) plastic package. Table 1. Product overview Type number Package PNP complement

More information

NPN 5 GHz wideband transistor. The transistor is encapsulated in a 3-pin plastic SOT23 envelope.

NPN 5 GHz wideband transistor. The transistor is encapsulated in a 3-pin plastic SOT23 envelope. SOT3 BFTA Rev. September Product data sheet. Product profile. General description The BFTA is a silicon NPN transistor, primarily intended for use in RF low power amplifiers, such as pocket telephones

More information

BC817-25QA; BC817-40QA

BC817-25QA; BC817-40QA Rev. 1 3 September 2013 Product data sheet 1. Product profile 1.1 General description 500 ma NPN general-purpose transistors in a leadless ultra small DFN1010D-3 (SOT1215) Surface-Mounted Device (SMD)

More information

South West Public Engagement Protocol for Wind Energy

South West Public Engagement Protocol for Wind Energy South West Public Engagement Protocol for Wind Energy October 2004 South West Renewable Energy Agency Sterling House, Dix s Field, Exeter, EX1 1QA Tel: 01392 229394 Fax: 01392 229395 Email: admin@regensw.co.uk

More information

Pan-Canadian Trust Framework Overview

Pan-Canadian Trust Framework Overview Pan-Canadian Trust Framework Overview A collaborative approach to developing a Pan- Canadian Trust Framework Authors: DIACC Trust Framework Expert Committee August 2016 Abstract: The purpose of this document

More information

Terms of Business for ICICI Bank Investment Services (effective from October, 2013)

Terms of Business for ICICI Bank Investment Services (effective from October, 2013) Terms of Business for ICICI Bank Investment Services (effective from October, 2013) Section Page No. How does this investment service work? 2 What is this document for? 2 Definitions 3-4 A. Terms and Conditions

More information

Disclosures Summary of Exposure Draft Responses and Task Force Recommendations

Disclosures Summary of Exposure Draft Responses and Task Force Recommendations Agenda Item 7-A Disclosures Summary of Exposure Draft Responses and Task Force Recommendations Overview The Task Force proposes to only discuss the key themes from the responses to the ED with the IAASB

More information

TERMS AND CONDITIONS. for the use of the IMDS Advanced Interface by IMDS-AI using companies

TERMS AND CONDITIONS. for the use of the IMDS Advanced Interface by IMDS-AI using companies TERMS AND CONDITIONS for the use of the IMDS Advanced Interface by IMDS-AI using companies Introduction The IMDS Advanced Interface Service (hereinafter also referred to as the IMDS-AI ) was developed

More information

In data sheets and application notes which still contain NXP or Philips Semiconductors references, use the references to Nexperia, as shown below.

In data sheets and application notes which still contain NXP or Philips Semiconductors references, use the references to Nexperia, as shown below. Important notice Dear Customer, On 7 February 2017 the former NXP Standard Product business became a new company with the tradename Nexperia. Nexperia is an industry leading supplier of Discrete, Logic

More information

PNP 5 GHz wideband transistor. Oscilloscopes and spectrum analyzers Radar systems RF wideband amplifiers

PNP 5 GHz wideband transistor. Oscilloscopes and spectrum analyzers Radar systems RF wideband amplifiers Rev. 3 22 January 2016 Product data sheet 1. Product profile 1.1 General description PNP transistor in a plastic SOT23 envelope. It is primarily intended for use in RF wideband amplifiers, such as in aerial

More information

AUDITOR GENERAL VICTORIA

AUDITOR GENERAL VICTORIA AUDITOR GENERAL VICTORIA 25 June 2003 The Technical Director International Auditing and Assurance Standards Board 535 Fifth Avenue, 26 1h Floor New York, New York 100 17 United States of America Dear Sir,

More information

PTN General description. 2. Features and benefits. SuperSpeed USB 3.0 redriver

PTN General description. 2. Features and benefits. SuperSpeed USB 3.0 redriver Rev. 1 7 September 2015 Product short data sheet 1. General description is a small, low power IC that enhances signal quality by performing receive equalization on the deteriorated input signal followed

More information

Incentive Guidelines. Aid for Research and Development Projects (Tax Credit)

Incentive Guidelines. Aid for Research and Development Projects (Tax Credit) Incentive Guidelines Aid for Research and Development Projects (Tax Credit) Issue Date: 8 th June 2017 Version: 1 http://support.maltaenterprise.com 2 Contents 1. Introduction 2 Definitions 3. Incentive

More information

The ALA and ARL Position on Access and Digital Preservation: A Response to the Section 108 Study Group

The ALA and ARL Position on Access and Digital Preservation: A Response to the Section 108 Study Group The ALA and ARL Position on Access and Digital Preservation: A Response to the Section 108 Study Group Introduction In response to issues raised by initiatives such as the National Digital Information

More information

KKR Credit Advisors (Ireland) Unlimited Company PILLAR 3 DISCLOSURES

KKR Credit Advisors (Ireland) Unlimited Company PILLAR 3 DISCLOSURES KKR Credit Advisors (Ireland) Unlimited Company KKR Credit Advisors (Ireland) Unlimited Company PILLAR 3 DISCLOSURES JUNE 2017 1 1. Background The European Union Capital Requirements Directive ( CRD or

More information

Ocean Energy Europe Privacy Policy

Ocean Energy Europe Privacy Policy Ocean Energy Europe Privacy Policy 1. General 1.1 This is the privacy policy of Ocean Energy Europe AISBL, a non-profit association with registered offices in Belgium at 1040 Brussels, Rue d Arlon 63,

More information

Invention SUBMISSION BROCHURE PLEASE READ THE FOLLOWING BEFORE SUBMITTING YOUR INVENTION

Invention SUBMISSION BROCHURE PLEASE READ THE FOLLOWING BEFORE SUBMITTING YOUR INVENTION Invention SUBMISSION BROCHURE PLEASE READ THE FOLLOWING BEFORE SUBMITTING YOUR INVENTION The patentability of any invention is subject to legal requirements. Among these legal requirements is the timely

More information

PDTB1xxxT series. 500 ma, 50 V PNP resistor-equipped transistors

PDTB1xxxT series. 500 ma, 50 V PNP resistor-equipped transistors Rev. 3 May 204 Product data sheet. Product profile. General description PNP Resistor-Equipped Transistor (RET) family in a small SOT23 (TO-236AB) Surface-Mounted Device (SMD) plastic package. Table. Product

More information

Details of the Proposal

Details of the Proposal Details of the Proposal Draft Model to Address the GDPR submitted by Coalition for Online Accountability This document addresses how the proposed model submitted by the Coalition for Online Accountability

More information

NHS Bedfordshire Clinical Commissioning Group Constitution. December 2012 version 7

NHS Bedfordshire Clinical Commissioning Group Constitution. December 2012 version 7 NHS Bedfordshire Clinical Commissioning Group Constitution December 2012 version 7 NHS Bedfordshire Clinical Commissioning Group Constitution Introduction Bedfordshire Clinical Commissioning Group, as

More information

SATELLITE NETWORK NOTIFICATION AND COORDINATION REGULATIONS 2007 BR 94/2007

SATELLITE NETWORK NOTIFICATION AND COORDINATION REGULATIONS 2007 BR 94/2007 BR 94/2007 TELECOMMUNICATIONS ACT 1986 1986 : 35 SATELLITE NETWORK NOTIFICATION AND COORDINATION ARRANGEMENT OF REGULATIONS 1 Citation 2 Interpretation 3 Purpose 4 Requirement for licence 5 Submission

More information

High-speed switching in e.g. surface-mounted circuits

High-speed switching in e.g. surface-mounted circuits Rev. 3 22 July 2010 Product data sheet 1. Product profile 1.1 General description Two high-speed switching diodes fabricated in planar technology, and encapsulated in a small SOT143B Surface-Mounted Device

More information

HEF4002B. 1. General description. 2. Features and benefits. 3. Ordering information. 4. Functional diagram. Dual 4-input NOR gate

HEF4002B. 1. General description. 2. Features and benefits. 3. Ordering information. 4. Functional diagram. Dual 4-input NOR gate Rev. 4 17 October 2016 Product data sheet 1. General description 2. Features and benefits 3. Ordering information The is a dual 4-input NOR gate. The outputs are fully buffered for highest noise immunity

More information

Hex inverting buffer; 3-state

Hex inverting buffer; 3-state Rev. 9 18 March 2016 Product data sheet 1. General description 2. Features and benefits 3. Ordering information The is a hex inverting buffer with 3-state outputs. The 3-state outputs are controlled by

More information

In data sheets and application notes which still contain NXP or Philips Semiconductors references, use the references to Nexperia, as shown below.

In data sheets and application notes which still contain NXP or Philips Semiconductors references, use the references to Nexperia, as shown below. Important notice Dear Customer, On 7 February 2017 the former NXP Standard Product business became a new company with the tradename Nexperia. Nexperia is an industry leading supplier of Discrete, Logic

More information